The Impact Of TMT's Compensation Structure On Performance Of Start-ups Innovation Performance

Since the 21 st century,the China has become a world's largest manufacturing country with the continuous development of economy and technology.However,China's manufacturing enterprises have independent innovation capability's problem.And the existence of the problem has seriously affected the development of Chinese enterprises.Therefore,to improve the level of independent innovation and innovation performance is an important way to achieve success.The top management team is the setter and organizer of enterprise strategic decision-making.It is salary incentives and settings has become an important strategic choice for enterprises to reduce agency costs and improve the structure of property rights at this stage.It is also affects the innovation performance output of the enterprise.The GEM is small and medium-sized enterprises with good operations.After 15 years development,the GEM companies are gradually occupying the capital market and showing a strong vitality.GEM listed companies have strong independent innovation capabilities.At the same time,most GEM listed companies have their own patented technologies,which represent the development direction of China's future scientific and technological innovation.It is of great significance to study the relationship between the salary structure of the executive team of these technological innovation-oriented SMEs and the innovation performance of new start-ups.Therefore,this paper takes 210 GEM listed companies as the research object.And analyzes the relationship between executive compensation incentives,salary gap,equity concentration and start-ups innovation performance.In order to provides a certain reference value for the optimization of the salary structure of the top management team of China's startup enterprises.Firstly,this paper expounds the relevant theories of the top management team's salary structure based on the research of domestic and foreign scholars.Analyzes the relationship between the top management team's salary incentives,salary gap,equity concentration and innovation performance.This paper refines the salary into cash compensation and equity compensation.And refines equity into stock options,restricted stocks,stock appreciation rights,and virtual stocks.Analyzes the relationship between innovation performance and start-ups innovation performance.While using the role of equity concentration as a moderator in the relationship between salary incentives and innovation performance.And proposes research hypotheses and conceptual models.Secondly,this paper collects and organizes the research samples and sets the relevant variables.And uses the SPSS software to perform correlation analysis and regression analysis on sample data.After verifies the research hypothesis based on the analysis results.Finally,this paper discusses and analyzes the research results on the basis of regression analysis.The empirical test of this paper concludes that there is a positive correlation between the cash compensation,stock option compensation,restricted stock compensation,stock appreciation rights compensation and cash compensation gap of the executive team and the innovation performance of the startups.The empirical test of this paper shows that there is a negative correlation between the virtual stock compensation,equity concentration and equity compensation gap of the executive team and the innovation performance of startups.This paper empirically tests that the concentration of executive team equity plays a negative role in the positive impact of cash compensation and innovation performance of startups.This paper empirically tests that the equity concentration of the executive team plays a positive role in the negative impact of virtual stock compensation and the innovation performance of startups.The empirical test of this paper concludes that the equity concentration of the executive team plays a positive role in the positive impact of stock option compensation,restricted stock compensation and stock appreciation rights compensation and innovation performance of startups.Based on the research conclusions,this article provides some suggestions and opinions on the salary structure setting of the senior management team of startups,in order to improve the innovation performance of startups.